Some of the owners of the 46 apartments in Nobbys Outlook paid as little as $50,000 for their seaside properties.
The resort sits at the base of Nobby Hill, overlooking the ocean.
And developers have been knocking since 1988 in a bid to capitalise on the 7284sq m Marine Pde site.
The last approach, in 2011, included a developer offering owners new units in return for the owners’ old ones, and valued the site at more than $30 million.
Bronwyn Bartal, the Melbourne-based chairperson of the body corporate, yesterday said unanimity of owners was possible because Nobbys Outlook needed nearly $4 million spent on repairs.
“It’s clearly past its use-by date,” said Ms Bartal, one of four generations of her family to holiday at Nobbys Outlook.
“We all love the location but we have to be realistic.”
Nobbys Outlook was built in 1966 and consists of four two-level buildings fronting a recreation square that includes two pools.
The most paid by any of today’s owners was $630,000 in 2008. The latest sales were in 2013, at $375,000 and $380,000.
See full story at : http://www.goldcoastbulletin.com.au/news/gold-coast/nobby-beach-unit-owners-set-for-30m-windfall-after-mass-decision-to-sell-ageing-resort/story-fnj94idh-1227075607959